BharatPe is a QR code-based payment app for offline businessmen and retailers. The Fintech startup makes payment acceptance simple by offering merchants a single QR to accept all payment apps such as PayTm, PhonePe, Google Pay, BHIM and 150+ other UPI apps. This service is provided to the merchants for free. Along with offering easy and interoperable QR codes for effortless UPI payments, BharatPe also extends Bharat Swipe (POS machine) for card acceptance and small business financing. Furthermore, the company also offers merchant loans of up to Rs 7 lakhs that can be availed for a duration of 3 to 12 months. It is headquartered in New Delhi. Till March 2021, it has expanded its network to 100 cities across India including Tier 2, Tier 3 cities. In June 2021, RBI issues an in-principle approval to Centrum Financial Services Limited to establish a small finance bank with BharatPe.The company then went ahead to acquire Payback India from American Express and ICICI Investments Strategic Fund. BharatPe founders were Ashneer Grover, Bhavik Koladiya, and Shashvat Nakrani. However, with Ashneer's resignation dated February 28, 2022, BharatPe lists Bhavik and Shashvat as its Co-founders. Suhail Sameer is the CEO of the company. Along with Ashneer Grover, his wife Madhuri Jain Grover also quit as the Head of Controls, amidst the controversy. More
The move comes two months after Bhavik Koladiya filed a case against Grover, demanding that the former managing director give back the shares he had allegedly not paid for
Ashneer Grover and BharatPe are engaged in a bitter battle with the fintech firm seeking up to Rs 88 crore in damages from Grover and his family.
Many applauded Ashneer Grover for teaching some important lessons to his son early on in life and giving him real life experiences.
Ashneer Grover has that said his wife, Madhuri Jain Grover, is one of the highest female taxpayers in the country.
Ashneer Grover on Twitter: "Nothing is more offensive to me than seeing my older fatter self after losing 15 kgs".
BharatPe sought up to Rs 88 crore in damages from the Grovers and other family members on allegations that the Grover family created fake bills, enlisted fictitious vendors to provide services to the company, and overcharged the company for recruitment
In response to a question on balancing the aspirations of startups to grow as quickly as possible versus keeping costs in check, Murthy held the investors responsible.
UPI’s become ubiquitous as a payment system in India and is taking gradual but sure steps towards global adoption
Recalling his visit to the Ernst & Young office, Ashneer Grover claimed he found that there was complete silence there. “I took one round of the office, pretended that I had chest pain and left.”
Sequoia Capital’s Rajan Anandan stated that the ecosystem should focus on startups much earlier in terms of governance practices that need to be put in place.
Kuppuswamy will be working closely with the CFO and interim CEO, Nalin Negi, to further build a robust lending vertical at BharatPe, the fintech unicorn said in a statement.
Ashneer Grover has alleged that there is a serious breach of data of over 150 million UPI users at BharatPe by Bhavik Koladiya.
Ashneer Grover wrote, "Hey DigiYatra users! The app won’t work after the new update."
Grover, who is battling multiple legal proceedings brought on by BharatPe, had raised concerns over Rs 315 crore of ESOPs being granted to BharatPe’s top brass in FY22
The company does not have a new CEO yet after the stepping down of Suhail Sameer earlier this month
GoMechanic had all the right mix to be a pioneer in the garage services business. It had the first-mover advantage, IIM A-graduate founders, big names of the VC world either invested or interested, a strong customer base, and a network of nearly 1,000 garages across 40 cities in place. Yet things went downhill.
Ashneer Grover said that although he would keep asking Madhuri Jain out for dates, initially she was very apprehensive of him.
Fresh trouble for Ashneer Grover as co-founder claims back 3% of BharatPe shares
As per the report, Koladiya seeks to reclaim his shares in the company and the case is up for hearing in the Delhi High Court on January 18
A payment aggregator provides payment services to merchants and e-commerce sites by accepting payment instruments from customers. They pool the funds received from customers and transfer them to merchants after a certain time.
The Delhi High Court has asked ousted BharatPe founder Ashneer Grover to “maintain decorum” on social media.
BharatPe filed civil and criminal suits against the defendants Grover, Jain and her brother Shwetank Jain, her sister’s husband Deepak Gupta, and her father Suresh Jain, in addition to a complaint filed with the Economic Offences Wing (EOW).
Ousted BhratPe co-founder Ashneer Grover had tweeted that Rajnish Kumar was his biggest hiring mistake
Almost 85 percent of the loss amount was because of change in value of preference shares
On January 3, CEO Suhail Sameer stepped down, following a series of other senior level exits in the company